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Tag: Anna Maria vacation rentals

New flood disclosure requirements in effect

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

Just what everyone wants right now is a new flood disclosure requirement when selling property. It’s not as if we aren’t aware that Anna Maria Island and the coastal areas of Manatee County could flood after Helene and Milton, it’s just another nail in the coffin for potential sellers.

The new flood disclosure requirements went into effect on Oct. 1, but didn’t get much publicity since it came just before Milton and just after Helene, when coastal residents were busy digging out. Basically, the Florida Statute requires a seller to complete and provide flood disclosure to a buyer of residential real property. The disclosure must be done at or before the time a contract is executed.

There are two points to be disclosed: Whether the homeowner has filed a claim with their insurance provider relating to flood damage on the property and whether they have received federal assistance for flood damage to the property.

The state’s definition of flooding is a general or temporary condition of partial or complete inundation of the property caused by the overflow of inland or tidal waters, the unusual and rapid accumulation of runoff or surface waters from any established wa­ter source or sustained periods of standing water resulting from rainfall, particularly a river, a stream or a drainage ditch. The way I read this is that the statute is more of a protection for properties at risk of flooding from rivers than coastal flooding, which is clearly defined by FEMA’s flood zone map.

Nevertheless, even though sellers were always required to disclose anything about the property that would affect the value of the home, adding a specific disclosure for flooding is a good thing. The Seller Property Disclosure form will be updated, making this new law part of the form extending the existing flood sections so that sellers have to provide more information to consumers.

Anna Maria Island has been called a 7-mile-long tropical oasis. For those of us who have lived on, near or worked on the Island, we know this and mourn the damage done by the storms this year. Unfortunately, there are changes to the Island that have been going on for some time but will likely be accelerating in the wake of the damage experienced on the island.

The fulltime population of the Island has been declining steadily. There were double-digit declines in Holmes Beach and Anna Maria and somewhat less in Bradenton Beach according to the last U.S. Census Bureau report between 2020 and 2021. We can only assume that this trend will not only continue but increase when the after-effects of this storm season are added up.

We already know that investors are aggressively buying up properties on the Island that have suffered irreversible dam­age with an eye to leveling the structures and building even more large three-story homes geared for rentals. We can also expect to see the addition of high-end resort style construction, further elbowing out the private homeowners and retirees.

America’s population has been growing in the southern part of the country for decades. And it has risen especially fast since the pandemic. The South gained an additional 3.9 million people between April 2020 and July 2023 according to the Census Bureau. Deep-pocket investors are looking at this trend, eyeing our beautiful beaches and Gulf waters and aren’t running away.

So, flooding or no flooding, there are plenty of investor groups out there who feel the return on their investment is worth the risk. After all, Milton was a “once in a lifetime event” – you think?

Home sales in the time of storms

Written by Louise Bolger on . Posted in Business, Castles in the Sand.

There is nothing normal about Manatee County’s sales statistics for September and October. The sales reporting, of course, includes Anna Maria Island, the coastal communities and even homes and communities further east.

It’s almost impossible to provide ac­curate information, especially since most of the closings in September and some in October were already in contract before our devastating storms. As we move along through the end of the year, the sales will be more accurate and they won’t be pretty.

Let’s start with September sales statistics reported by the Realtor Associa­tion of Sarasota and Manatee:

Single-family home sales were down by 14.2%. The median sale price was down 6.7% and the average sale price was down 5.1%. The median time to contract was 47 days compared to 29 last year and the month’s supply of available properties was 3.9 months compared to 2.9 last year.

Condos closed 25.5% fewer properties. The median sale price was down 8.6% and the average sale price was down 12.7%. The median time to contract was 73 days compared to 46 days last year and the month’s supply of available properties was 6 months compared to 3.3 last year.

The key points for September are a decrease in sales volume, a price adjust­ment and a growth in inventory.

These are the October sales statistics:

Single-family homes closed 22.8% fewer homes. The median sale price was down 0.2% and the average sale price was down 7.3%. The median time to contract was 60 days compared to 29 days last year and the month’s supply of available properties was 3.9 months compared to 3.3 months.

Condos closed 24.7% fewer properties. The median sale price was down 11.4% and the average sale price was down 13.7%. The median time to contract was 75 days compared to 30 days last year and the month’s supply of available properties was 6 months compared to 3.8 months last year.

The key points for October are similar to September, with a decrease in closed sales, increase in inventory, longer time to sell and a decline in cash sales, which did not show up in September.

In spite of our local September and Oc­tober statistics, an index of new mortgage loan applications in the U.S. rose 2% a few weeks ago. The rates climbed back above 7% for the week ended Nov. 15, according to the Mortgage Bankers Association. This indicates that higher mortgage rates aren’t slowing down buyers who really want to get into a home.

In addition, Redfin reported that single-family home prices nationally rose 5.9% in October, which is the low­est annual increase since last December. Higher mortgage rates have slowed price increases that have been surging since the pandemic.

Unfortunately, younger buyers are competing with wealthier, all-cash buyers whose share of home purchases has increased from 20% to 26% in the past year. The average age of home buyers in the country has risen by six years since July 2023.

The Realtor Association made this statement at the end of October: “With the challenges of three hurricanes this summer, rising interest rates, higher insurance premiums and a dip in con­sumer confidence in our area, we are still in a strong position heading into 2025.”

Let’s hope they’re right and we do get back to a strong and more normal market now that the storms are gone and the holidays are upon us.

Opposition to vacation rental legislation continues

Opposition to vacation rental legislation continues

Written by Joe Hendricks on . Posted in Anna Maria Island, Community News.

ANNA MARIA – City officials continue to lead the opposition to proposed state legislation that would curtail local governments’ ability to regulate short-term vacation rentals.

Senate Bill 714 and House Bill 833 seek to preempt the regulation of vacation rentals to the state, specifically to the Florida Department of Business and Professional Regulation (DBPR).

According to the April 15 staff analysis provided to House of Representatives Commerce Committee members, HB 833 would still allow local governments to create local vacation rental registration programs and charge an annual registration fee, but the fees could not exceed $50 to register a single vacation rental home or unit, or $100 to collectively register vacation rental homes or units.

The proposed legislation would make the regulation of online vacation rental advertising platforms such as Airbnb and Vrbo exclusively the state’s responsibility and take enforcement abilities away from local governments.

The staff analysis notes the proposed legislation would not supersede the authority of condominiums, cooperatives or homeowners’ associations to restrict the use of their properties and prohibit short-term vacation rentals.

Legislative actions

On April 12, HB 833 successfully passed through the House Ways & Means Committee by a 13-10 vote. State Rep. Will Robinson Jr. (R-Bradenton) was among the 13 members who voted favorably on the bill.

HB 833 previously successfully reported out of the House’s Regulatory Reform & Economic Development Subcommittee on March 29.

The bill was scheduled to be discussed and potentially voted on by the House’s Commerce Committee on Monday, April 17, the third and final committee stop for the bill before it can be brought to the floor for a final vote by all House members.

SB 714 was scheduled to be discussed and potentially voted on by the Senate’s Appropriations Committee on Agriculture, Environment and General Government Committee on Tuesday, April 18. This is the second of three committee stops scheduled for the Senate bill.

On May 13, SB 714 successfully passed through the Senate’s Regulated Industries Committee by a 5-2 vote.

The proposed legislation dies if it does not successfully pass through three preliminary committees. The 60-day legislative session is scheduled to end on May 5.

Local concerns

Anna Maria Mayor Dan Murphy provided the city commission with an update on the city’s opposition efforts on April 13, noting the issue is the city’s primary legislative focus this year.

Murphy referenced the emails and letters that continue to be sent to state legislators through the city-owned and managed Home Rule Florida website, www.HomeRuleFl.com.

“It’s very impressive the amount of mail that this little city has generated. It didn’t all come out of this city. It comes from across the state because of our website. The lobbyist has assured me our efforts have not gone unnoticed, but we need to keep the pressure on,” Murphy told the commission.

“This thing is sailing through the House and the Senate along party lines. The Democrats are voting no and the Republicans are all voting yes. If it sails through along party lines, which it very well might do, it’ll then go to the governor’s desk for signature. If the governor sees that we already have all these letters, he’s going to think twice before he would sign off on it knowing there’s mass opposition amongst the public,” Murphy said.

Murphy said it’s premature to start lobbying Gov. Ron DeSantis before the proposed legislation reaches his desk.

“The governor’s not going to interfere in the legislative process,” Murphy said. “We need to save our thunder for when and if this thing gets to his desk. That’s when we really need to put a full-court press on.”

Commissioner Charlie Salem asked if the city’s lobbyist has at least informed DeSantis that the proposed vacation rental legislation might be headed his way. Murphy said that’s a good idea.

Murphy implored the city commissioners to urge their constituents to continue sending emails and letters to the Senate and House committee members who will determine whether the proposed bills make it to their respective floors for a final vote.

Murphy said the city’s recent labeling of the proposed legislation as a “party house bill” has gained a lot of traction in Tallahassee.

City Clerk LeAnne Addy and her staff manage the Home Rule Florida website that issues email updates and calls to action to those registered to receive them. The website contains pre-formatted email messages users can use to quickly and easily contact multiple state legislators at one time.

During the April 13 meeting, Addy said HomeRuleFl.com users have sent 30,489 emails to state legislators since the legislative session began in March.

“I’m very impressed by the work LeAnne and the mayor are doing,” Commissioner Jon Crane said. “I’m very impressed with the use of party house branding for this issue.”

“It takes away our right to regulate occupancy and they can jam as many people into a house as they want,” Murphy said in response.

Commissioner Deanie Sebring said most people who vacation in Anna Maria don’t want to stay next to a “party house.”

“If I was going on vacation and renting a house, I wouldn’t want all that madness next to me because it would ruin my vacation,” she said. “If you want to party, don’t rent a place in Anna Maria. Rent it someplace else.”

“It’s a family destination,” Commission Chair Mark Short added.